Data owners themselves could conceivably produce a granular, real-time view of the economic conditions that traditional methods can only approximate slowly and at a lag.
I had the chance to hear this at Neudata a few weeks ago and appreciate the transcription/citations provided here.
You highlight that methods and processes for measuring the economy are outdated and suggest that high-frequency data from digital sources could be more accurate for economic measures. You note that lack of response rates "distort the data collected" - how do you reconcile this view knowing that data collected by the private sector may also be biased towards segments of the population that are "online"? How long do you think it would take to demonstrate that traditional methods reported at a lag could be approximated by real-time data, or would the public sector have to collect both in parallel?
Thanks for the insight!
I had the chance to hear this at Neudata a few weeks ago and appreciate the transcription/citations provided here.
You highlight that methods and processes for measuring the economy are outdated and suggest that high-frequency data from digital sources could be more accurate for economic measures. You note that lack of response rates "distort the data collected" - how do you reconcile this view knowing that data collected by the private sector may also be biased towards segments of the population that are "online"? How long do you think it would take to demonstrate that traditional methods reported at a lag could be approximated by real-time data, or would the public sector have to collect both in parallel?